Bitcoin traded at $118,610 on Thursday with daily volumes near $67 billion, holding firm after one of the most consequential tax clarifications for U.S. corporate holders of digital assets. Strategy, the world’s largest public holder of Bitcoin with a $75 billion trove, announced it no longer expects to face a multi-billion tax liability tied to unrealized crypto gains after new guidance from the IRS and Treasury.
The 71-page update says companies don’t have to include unrealized Bitcoin gains or losses in the 15% Corporate Alternative Minimum Tax (CAMT) calculation.
This saves Strategy from billions in potential payments and eases fears that long-term Bitcoin treasuries would be penalized for appreciation.
Shares of Strategy climbed 5% to $338 on Wednesday, extending a six-month advance of more than 10%. Analysts say the decision removes a “significant overhang” that could have weighed on corporate adoption.
For Strategy, which has never sold a Bitcoin since it began buying in 2020, the relief comes as it sits on roughly $28 billion in unrealized profit.
Bitcoin Price Prediction: Technical Outlook
From a technical standpoint, Bitcoin broke out above the descending trendline that capped September’s rallies, closing above $118,600 and testing $119,477. A bullish engulfing candle on the 4 hour chart with strong volume did the trick. The 50-SMA ($112,455) is above the 100-SMA ($113,555) confirming the uptrend.
The RSI at 79 is overbought, so we’re likely to see some consolidation or a pullback to $116,950-$117,500 before the next leg up.
If support holds, the next targets are $122,335 and $124,525 with potential extensions to $128,000 in the coming weeks. For traders, the most balanced setup involves waiting for a dip toward the $117K zone before targeting a renewed push higher.
With macro tailwinds, institutional buying, and now regulatory clarity favoring holders, Bitcoin’s latest rally positions it not just for near-term gains but for a broader corporate adoption cycle. That combination could fuel the next wave of demand as firms reassess the role of BTC in treasury management.
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The post Bitcoin Price Prediction: Michael Saylor Escapes Multi-Billion Tax Bomb – Will This Trigger a New Wave of Corporate Buying? appeared first on Cryptonews.
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